12 U.S.C. § 5412 — Powers and duties transferred

Page 1915 TITLE 12—BANKS AND BANKING § 5412 1 See References in Text note below. (2) Publication of notice Not later than 270 days after July 21, 2010, the Secretary shall publish in the Federal Register notice of any transfer date des- ignated under paragraph (1). (Pub. L. 111–203, title III, § 311, July 21, 2010, 124 Stat. 1520.) Editorial Notes REFERENCES IN TEXT This title, referred to in subsec. (b)(1)(A), (B), (D), is title III of Pub. L. 111–203, July 21, 2010, 124 Stat. 1520, known as the Enhancing Financial Institution Safety and Soundness Act of 2010, which enacted this sub- chapter and sections 4b and 16 of this title, amended sections 1, 11, 248, 461, 481, 482, 1438, 1462, 1462a, 1463, to 1464, 1466a, 1467, 1467a, 1468, 1468a, to 1468b, 1470, 1701c, 1701p–1, 1708, 1757, 1785, 1786, 1787, 1812, 1813, 1817, 1818, 1820, 1821, 1823, 1828, 1829, 1831e, 1831j, 1833b, 1833e, 1834, 1841, 1843, 1844, 1861, 1867, 1881, 1882, 1884, 1972, 2709, 2902, 2905, 3206 to 3208, 3332, 4515, and 4517 of this title, section 906 of Title 2, The Congress, sections 78c, 78l, 78o–5, and 78w of Title 15, Commerce and Trade, sections 212, 657, 981, 982, 1006, 1014, and 1032 of Title 18, Crimes and Criminal Procedure, sections 321 and 714 of Title 31, Money and Finance, section 41501 of Title 34, Crime Control and Law Enforcement, sections 4003 and 8105 of Title 42, The Public Health and Welfare, and section 3502 of Title 44, Public Printing and Documents, re- pealed section 1441a of this title, enacted provisions set out as notes under sections 1, 16, 1438, 1787, 1812, 1817, and 1821 of this title and section 906 of Title 2, and amended provisions set out as notes under sections 1437, 1463, 1464, 1467a, 1707, 1812, and 1818 of this title. For complete classification of title III to the Code, see Short title note set out under section 5301 of this title and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title. § 5412. Powers and duties transferred (a) Effective date This section, and the amendments made by this section, shall take effect on the transfer date. (b) Functions of the Office of Thrift Supervision (1) Savings and loan holding company func- tions transferred (A) Transfer of functions There are transferred to the Board of Gov- ernors all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision (including the authority to issue orders) relating to— (i) the supervision of— (I) any savings and loan holding com- pany; and (II) any subsidiary (other than a depos- itory institution) of a savings and loan holding company; and (ii) all rulemaking authority of the Of- fice of Thrift Supervision and the Director of the Office of Thrift Supervision relating to savings and loan holding companies. (B) Powers, authorities, rights, and duties The Board of Governors shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Su- pervision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions and authority transferred under subparagraph (A). (2) All other functions transferred (A) Board of Governors All rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision under section 1468 of this title relating to transactions with affiliates and extensions of credit to ex- ecutive officers, directors, and principal shareholders and under section 1464(q) of this title relating to tying arrangements is transferred to the Board of Governors. (B) Comptroller of the Currency Except as provided in paragraph (1) and subparagraph (A)— (i) there are transferred to the Office of the Comptroller of the Currency and the Comptroller of the Currency— (I) all functions of the Office of Thrift Supervision and the Director of the Of- fice of Thrift Supervision, respectively, relating to Federal savings associations; and (II) all rulemaking authority of the Of- fice of Thrift Supervision and the Direc- tor of the Office of Thrift Supervision, respectively, relating to savings associa- tions; and (ii) the Office of the Comptroller of the Currency and the Comptroller of the Cur- rency shall succeed to all powers, authori- ties, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Super- vision, respectively, on the day before the transfer date relating to the functions and authority transferred under clause (i). (C) Corporation Except as provided in paragraph (1) and subparagraphs (A) and (B)— (i) all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to State savings associations are transferred to the Corporation; and (ii) the Corporation shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Super- vision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions transferred under clause (i). (c) Omitted (d) Consumer protection Nothing in this section may be construed to limit or otherwise affect the transfer of powers under title X.1 (Pub. L. 111–203, title III, § 312, July 21, 2010, 124 Stat. 1521.) Page 1916 TITLE 12—BANKS AND BANKING § 5413 1 See References in Text note below. Editorial Notes REFERENCES IN TEXT Title X, referred to in subsec. (d), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which en- acted subchapter V (§ 5481 et seq.) of this chapter and enacted, amended, and repealed numerous other sec- tions and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables. CODIFICATION Section is comprised of section 312 of Pub. L. 111–203. Subsec. (c) of section 312 of Pub. L. 111–203 amended section 1813 of this title. § 5413. Abolishment Effective 90 days after the transfer date, the Office of Thrift Supervision and the position of Director of the Office of Thrift Supervision are abolished. (Pub. L. 111–203, title III, § 313, July 21, 2010, 124 Stat. 1523.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title. § 5414. Savings provisions (a) Office of Thrift Supervision (1) Existing rights, duties, and obligations not affected Sections 5412(b) and 5413 of this title shall not affect the validity of any right, duty, or obligation of the United States, the Director of the Office of Thrift Supervision, the Office of Thrift Supervision, or any other person, that existed on the day before the transfer date. (2) Continuation of suits This title 1 shall not abate any action or pro- ceeding commenced by or against the Director of the Office of Thrift Supervision or the Of- fice of Thrift Supervision before the transfer date, except that— (A) for any action or proceeding arising out of a function of the Office of Thrift Su- pervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors by this title,1 the Board of Gov- ernors shall be substituted for the Office of Thrift Supervision or the Director of the Of- fice of Thrift Supervision as a party to the action or proceeding on and after the trans- fer date; (B) for any action or proceeding arising out of a function of the Office of Thrift Su- pervision or the Director of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Comptroller of the Currency by this title,1 the Office of the Comptroller of the Cur- rency or the Comptroller of the Currency shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision, as the case may be, as a party to the action or proceeding on and after the transfer date; and (C) for any action or proceeding arising out of a function of the Office of Thrift Su- pervision or the Director of the Office of Thrift Supervision transferred to the Cor- poration by this title,1 the Corporation shall be substituted for the Office of Thrift Super- vision or the Director of the Office of Thrift Supervision as a party to the action or pro- ceeding on and after the transfer date. (b) Continuation of existing OTS orders, resolu- tions, determinations, agreements, regula- tions, etc. All orders, resolutions, determinations, agree- ments, and regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory materials, that have been issued, made, prescribed, or allowed to become effective by the Office of Thrift Supervision or the Director of the Office of Thrift Supervision, or by a court of competent jurisdiction, in the performance of functions that are transferred by this title 1 and that are in effect on the day be- fore the transfer date, shall continue in effect according to the terms of such orders, resolu- tions, determinations, agreements, and regula- tions, interpretative rules, other interpreta- tions, guidelines, procedures, and other advisory materials, and shall be enforceable by or against— (1) the Board of Governors, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors, until modified, terminated, set aside, or superseded in accordance with applicable law by the Board of Governors, by any court of competent jurisdiction, or by operation of law; (2) the Office of the Comptroller of the Cur- rency or the Comptroller of the Currency, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Comp- troller of the Currency, respectively, until modified, terminated, set aside, or superseded in accordance with applicable law by the Of- fice of the Comptroller of the Currency or the Comptroller of the Currency, by any court of competent jurisdiction, or by operation of law; and (3) the Corporation, in the case of a function of the Office of Thrift Supervision or the Di- rector of the Office of Thrift Supervision transferred to the Corporation, until modified, terminated, set aside, or superseded in accord- ance with applicable law by the Corporation, by any court of competent jurisdiction, or by operation of law. (c) Identification of regulations continued (1) By the Board of Governors Not later than the transfer date, the Board of Governors shall— (A) identify the regulations continued under subsection (b) that will be enforced by the Board of Governors; and